Many people put off estate planning until it is too late because they think they are too young, don't own enough assets, or that it is a completely unnecessary process. While it would be nice to have your loved ones simply adhere to your final wishes upon death, it is often in your best interests to have the proper legal documents in place to ensure that this occurs.
The trust attorneys at Deadra Woods Stokes and Associates, P.C. have helped numerous clients start the estate planning process with the creation of a will. Not only can having a will give you peace of mind, but it can also save your loved ones a significant amount of time, money, stress, and emotional pain.
We serve clients in estate planning matters in Orland Park, as well as the areas of Matteson, Flossmoor, Tinley Park, and Frankfort, Illinois.
You might be asking yourself this question and there is much debate about it! In certain situations, you may or may not need a will.
If you are married and have children, you should consider drafting a will because it is beneficial for you and your family.
With a will, you are able to:
Designate beneficiaries of your estate
Name a guardian for any minor children
Name an individual to care for property left to minor children
Name an executor to manage the estate during probate and ensure that your will is carried out
You will also be able to minimize your estate taxes.
If you are single, do not have a family of your own, and have a positive net worth, a will might be in your best interest. If you have assets that need to be distributed after death, a will will help make the process easier for the rest of your family.
If you die in the State of Illinois without a will in place, your property will be distributed according to intestacy laws. This means that your assets will likely be distributed to your closest relatives, such as your children or spouse. If you do not have children or a spouse, the property will go to your parents and siblings, equally. If you do not have any surviving parents or siblings, the inheritance will be divided equally between your paternal and maternal lines. Does creating a will start sounding like a good idea? One of the main benefits of creating a will is ensuring that you have the final say over how your property is distributed, rather than the state.
Whether you have significant wealth or minimal assets, the time to start estate planning is right now. Our Orland Park attorneys have an in-depth knowledge of all aspects of the will creation process. We can help you draft and finalize one that meets your specific needs, as well as the desires that you have for your estate.
Call to speak with a will attorney in Orland Park today! Se habla Español.
Revocable trusts are one of the most commonly used estate planning tools and allow you to determine how your assets will be distributed upon death. This legal document is created while you are living and, unlike irrevocable trusts, allows you to either modify or completely revoke the trust according to your changing wishes and circumstances at any point during your lifetime.
Our attorneys at Deadra Woods Stokes and Associates, P.C. believe that the best time to start the estate planning process is now. We have helped countless clients protect their assets and final wishes through the creation of a revocable living trust, and are ready to help you!
Some of the benefits that a revocable living trust provides include:
Ensuring that your final wishes for asset distribution will be carried out to your named beneficiaries
Being able to revise or eliminate the document at any point during your lifetime
Avoiding the significant amount of time, money, and hassle that is often involved with the probate process
Keeping your document, personal information, and details of your estate private after death
Avoiding the possibility of a conservatorship
Significantly reducing the possibility of a court dispute over your estate from occurring
Clearly, revocable trusts offer an excellent way to create an estate plan that is highly adaptable to changing circumstances and desires in your life. With this option, you can be assured to have great control over how your assets are managed. Our Greater Chicago Area estate planning lawyers are able to sit down with you, better understand your unique needs and goals, and help you create a legally sound and detailed document that perfectly matches them.
We represent clients in Frankfort, Tinley Park, Flossmoor, Matteson, and Orland Park, Illinois.
Contact us now in our Orland Park office and schedule your initial consultation!